An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. There are two different types of IRAs: Traditional and Roth IRAs. The difference between a Traditional and a Roth IRA is that a Roth IRA contribution is not tax deductible. The proceeds from the Roth IRA are not taxable, whereas the proceeds from the Traditional IRA are subject to income tax.
Posted in: IRA Account FAQs